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RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
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Press Release

Contact: Kerry Park
Ph: 401-432-6948
Email: communications@riliving.com

 

Number of Single-Family Homes Sold in Rhode Island in June Highest in 16 Years;

Median Sale Price Also Rises

Warwick, RI, July 27, 2015... According to the Rhode Island Association of Realtors, last month was the most active month in Rhode Island single family home sales in sixteen years, surpassing even the busiest month during the pre-recession housing boom. In June, 1094 existing single family home sales took place, a comparable number to the 1099 sales transacted in June of 1999.  Last month’s single family home sales eclipsed the 1066 sales which took place in June, 2004, the most active period of the housing upsurge. The robust market shows no sign of slowing down.  Sales under contract but not yet closed also rose by ten percent, an indication of a strong single family home market in the months to come.

Rhode Island also saw a three percent increase in the median sales price of single family homes sold in June, increasing to $236,500 from $230,000 in June of 2014.

The condo market also surged last month, with Rhode Island Realtors selling a record 190 condominium units, more than any other month since 2007, the year the Rhode Island Association of Realtors began keeping monthly records of condominium sales. June’s median condo sales price of $219,475 was ten percent higher than the median price of June, 2014.

There were 153 multi-family home sales during the month of June with a median sales price of $170,000. This represents a sixteen percent increase in sales activity and a ten percent increase in median price among multi-family sales since June 2014.

“Clearly consumer confidence is back and people are once again seeing real estate as a solid investment.  Not only are consumers buying properties in record numbers, but prices are slowly going up. That’s important because increased equity allows more homeowners the opportunity to make a move. The late start to the spring selling season due to last winter’s harsh weather pushed many sales later into the spring but finally, the market appears to have opened up,” said Bruce Lane, President of the Rhode Island Association of Realtors.

The data released from the Rhode Island Association of Realtors today, was pulled from records from the State-Wide Multiple Listing Service which tracks all Realtor-assisted sales.  Realtors transact approximately 90 percent of all property sales.

Approximately 5,400 single-family homes, 900 multi-family homes, 1,000 condominiums and 950 parcels of land for sale can be viewed this month on www.riliving.com, the official website of the Rhode Island Association of Realtors. The site also showcases properties for rent. Listings on the site are updated hourly.

Bruce Lane

2015 REALTOR®
State President

June 2015
Single Family Sales
By Town

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June 2015
Single Family Monthly
Sales Comparison

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June 2015
Multi Family Monthly
Sales Comparison

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June 2015
Condo Monthly
Sales Comparison

 

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in approximately 850 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS® transacted nearly $5.1 billion in real estate sales last year. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

The Association is one of more than 1,400 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.